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Unfair Bank & Lender Practices

Has your bank charged you hidden fees or misrepresented interest rates? We put our trust in banks and financial institutions to protect our hard-earned money, but these institutions sometimes put their own profits ahead of their account holders’ interests. When banks and other financial institutions illegally charge their account holders, they may be liable to those consumers for the harm caused by their unfair practices.

Unfair and fraudulent practices that banks may use to maximize profits to the detriment of their customers may include the following:

  • Charging hidden fees
  • Manipulation of debit processing to maximize overdraft charges
  • Assessing unauthorized charges
  • Misrepresenting the interest rate
  • Illegally increasing the interest rate
  • Failing to post payments or deposits to accounts
  • Opening new accounts without customer consent
  • Transferring funds between accounts without the customer’s approval or knowledge
  • Running bait-and-switch schemes

At Glancy Prongay & Murray we believe that banks and financial institutions should be held responsible for such unfair and deceptive practices and have been at the forefront of consumer litigation in this field.  For example, Glancy Prongay & Murray successfully settled several class actions against Bank of America, HSBC, Capital One and Discover Bank regarding a banking product generally referred to by the banks as “Credit Protection.”  Plaintiffs alleged that consumers paid monthly payments for the service, but received nothing meaningful in return. Plaintiffs further alleged that the banks charged customers for this service through deceptive marketing based on misrepresentations and material omissions, administered benefits contrary to the expectations of the consumers and/or improperly denied benefits. The cash settlements obtained in those cases totaled approximately $100 million.  We have experienced attorneys that will seek to remedy these wrongs and get your hard-earned money back for you.

Consumer Class Actions

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Court Recognition

“And without question, the Court is of the opinion that the value of benefit that’s been conferred to the class is extremely sizable and that this Court is certainly aware that the skill and efficiency of plaintiff’s counsel is what attributed to this settlement, and they are learned securities counsel. The Court is mindful of that, and as a result they were able to sort of weed their way through the complex issues in this case, and also to bring this about — bring about a settlement rather in short order as these matters go. So the Court certainly attributes that to counsel’s skill and efficiency, as well as the ability to work with the adversaries in this matter.”

–Hon. Susan D. Wigention, U.S. District Judge, District of New Jersey

“Class Counsel has conducted the litigation and achieved the Settlement in good faith and with skill, perseverance and diligent advocacy”

— Hon. Donovan W. Frank, U.S. District Judge, District of Minnesota

“The court finds that the Settlement Fund… created by Class Counsel is an exceptional result… The settlement is significantly above the average securities class action settlement when measured as a percentage of losses recovered… The court finds that Class Counsel, particularly Co-Lead Counsel, exerted tremendous effort on behalf of the class in the prosecution of this action… The Court finds that Class Counsel skillfully prosecuted this action, particularly given that this case was unusually complex relative to most securities fraud class actions. ”

–Hon. Dickran M. Tevrizian (Ret.), U.S. District Court Judge, Central District of California

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